Hennessy Capital Acquisition Corp. III, announced this morning that they have secured capital commitments to the tune of $85 million, thereby securing the necessary financing to complete their business combination with NRC Group.
Hennessy’s current redemption price is $10.19 and that’s exactly where the share traded to this morning, which is a good place to start before the team hits the road and starts marketing.
The transaction is anticipated to close some time in October of this year.
Details:
The $85 million is mix of common and convertible preferred:
- $62.0 million of shares of the Company’s 7.00% Series A Convertible Preferred Stock at a cash purchase price of $100.00 per share (initial conversion price of $12.50 per share, or eight common shares for every preferred)
- $23.0 million of shares of the Company’s common stock at a cash purchase price of $10.25 per share.
However, it should be noted that for the financing, there is a $750,000 closing fee to be paid to the subscriber, Cyrus Capital Partners, L.P., which subscribed for both 530,000 shares of the Company’s 7.00% Series A Convertible Cumulative Preferred Stock and 1,463,415 shares of the Company’s common stock (at a price of $10.25 per share of Common Stock).
Cyrus represents $68 million of the total $85 million and the remainder would appear to be Nomura’s backstop investment ($9 million convertible preferred + $8 million common stock)
Credit Suisse, Stifel and Nomura Securities acted as joint private placement agents in connection with the subscription agreements.
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...